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Australia¸ APAC offer international biotech industry a wealth of clinical trial and costs benefits: Novotech

According to Novotech, the Asia Pacific region has a wealth of clinical trial benefits to offer biotech companies, regardless of their stage of research.

By Team ABLE

Australia and the Asia Pacific are fast becoming the destination of choice for the over US$140 billion international biotech industry, with considerable research
incentives, supportive regulatory environments and affordable trial costs available.
The increase in industry participation in the Asia Pacific region was highlighted in a private event during Biotech Showcase 2018, where Asia Pacific Novotech CRO and specialist compliance group CoSec Consulting briefed industry leaders on the clinical trial benefits available.

The Asia Pacific region has a wealth of clinical trial benefits to offer biotech companies, regardless of their stage of research explained Novotech CRO Chief Executive Officer Dr John Moller.

\"Like any business, biotech companies need to maximize cost efficiencies and regulatory speed, and access leading clinical trial infrastructure and decision makers in the regions in which they operate,” Dr Moller said.

He further continued saying, “Australia is able to provide a fast and supportive clinical trial environment, especially for early stage research. A cost comparison study has found that clinical research costs in Australia are up to 60% cheaper than the US for companies able to fully utilize R&D incentives.”

CoSec Consulting Managing Partner, Blair Lucas, said Australia\'s supportive clinical trial environment is a smart financial decision for international biotech companies undertaking early stage research.

Dr Moller said that many governments across Asia are prioritizing the benefits of clinical trials to their economies and health sectors; and are working hard to reduce many of the previous barriers to entry by reducing regulatory hurdles, decreasing clinical trial approval and start up timelines, and increasing levels of government support.

“Major advancements during 2017 included the significant restructure by China\'s FDA to many aspects of its regulatory framework, with the changes outlined in Circular 53 now being implemented,” said Dr Moller.

He further said, “Malaysia has prioritized its clinical trial industry as part of its Economic Transformation Program and launched its first Phase I Clinical Trial Guidelines; while South Korea changed its healthcare policy to now cover the standard of care of patients participating in clinical trials. India also simplified its regulatory approval process in a bid to revitalize its clinical trial industry.”